<![CDATA[ Nova descoberta de petróleo dá gás à Galp ]]>

Galp has detected oil and gas in a fifth well off the coast of Namibia, the oil company announced to the market on Tuesday, with its shares rising 6.83% at the close of trading. The better-than-expected results “unlock additional exploration and assessment opportunities in the Southeast Mopane region,” said Galp, which announced the discovery of oil for the first time in that region less than a year ago.

The discovery of oil off the coast of Namibia was announced in April last year, with the first tests indicating a commercial capacity of 10 billion barrels of crude. This Tuesday, Galp announced a new discovery, this time in a new well, the fifth in Namibia, around 18 kilometres away from the Mopane-1X well, according to the statement to the Portuguese Securities Market Commission (CMVM).

The announcement of the discovery boosted Galp's shares, which rose by 8.5% during the morning, according to 'Negócios', meaning that they were trading at their highest value in over a week, in the best stock market session since April 22, 2024.

Maria João Carioca, who shares the leadership with João Marques da Silva, had already announced last week, during the presentation of results for the fourth quarter and the year 2024, that they were waiting for the results of the drilling to decide what to do next. Galp announced last week that it recorded profits of 961 million euros in 2024, a drop of 4% compared to the same period last year.